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2025-08-31-accounts

Company number: 9296727 Charity number: 1160261

INCORPORATED SOCIETY OF MUSICIANS TRUST

DIRECTORS’ REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

3

INCORPORATED SOCIETY OF MUSICIANS TRUST

(A company limited by guarantee)

CONTENTS

Legal and Administrative information 1-2
Directors' report 3-7
Independent examiner’s report 8-9
Statement of financial activities 10
Balance sheet 11
Notes to the financial statements 12-17

3

INCORPORATED SOCIETY OF MUSICIANS TRUST

(A company limited by guarantee)

LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 AUGUST 2025

Directors and Trustees Vick Bain Pauline Black Dr Marius Carboni Nicolas Chisholm MBE Professor Christopher Collins Dr Kirsty Devaney Dr Paul Edlin Mahaliah Edwards (appointed 24 April 2025) Ivor Flint (Treasurer) Jessika Gillam (appointed 24 April 2025) Professor Stephen Goss Danielle Howard (appointed 24 April 2025) Deborah Keyser Eugene Monteith Professor David Smith Gabriella Swallow (Chair) Nicky Spence Dr Jeremy Huw Williams Bushra El-Turk Company secretary Deborah Annetts Company registered number 9296727 Charity registered number 1160261 Registered office 4-5 Inverness Mews London W2 3JQ (and principal office)

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INCORPORATED SOCIETY OF MUSICIANS TRUST

(A company limited by guarantee)

LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 AUGUST 2025

Independent examiner James Mathieson FCA Lindeyer Francis Ferguson Limited North House 198 High Street Tonbridge Kent TN9 1BE Bankers NatWest Bank plc Baker Street London, W1U 6AT Solicitors Bates Wells Braithwaite 10 Queen Street Place London EC4R 1BE

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INCORPORATED SOCIETY OF MUSICIANS TRUST

(A company limited by guarantee)

DIRECTORS’ REPORT FOR THE YEAR ENDED 31 AUGUST 2025

The Directors (who are also Trustees of the charity for the purposes of the Charities Act 2011) present their annual report together with the financial statements of Incorporated Society of Musicians Trust (‘ISM Trust’ or ‘the Trust’) for the year ended 31 August 2025. The Directors confirm that the annual report and financial statements of the charity comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (effective 1 January 2019) (Charities SORP (FRS 102)).

Structure, governance, and management

The ISM Trust, which is a Company Limited by Guarantee, was incorporated on 5 November 2014. It was set up by the Council of the Independent Society of Musicians (‘ISM’) and received its charity status on 30 January 2015. It is governed by its Articles of Association. The management of the charity is the responsibility of the Board of Directors. The Directors are appointed by the members, and the sole member of the charity is the ISM (a company limited by guarantee, registered number 36882). On a regular basis new Trustees are appointed to the charity, and they are identified on the basis of their skills and their knowledge of the music sector.

In 2015, the ISM Trust became the sole corporate trustee of the Benevolent Fund of the Incorporated Society of Musicians (‘ISM Members Fund’, a charitable trust). The three organisations, namely the ISM, the ISM Trust and the ISM Members Fund, work closely together and are operating under the name “the ISM Group.”

Objectives and activities

The objects of the ISM Trust are to:

The three organisations namely the ISM, the ISM Trust and the ISM Members Fund work closely together in a complementary way and are operating under the name “the ISM Group”. The ISM Trust reached its 10-year anniversary in December 2024. To mark this important milestone, the Trust celebrated its birthday by launching Curriculum for music, a set of new and revised frameworks for

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INCORPORATED SOCIETY OF MUSICIANS TRUST

(A company limited by guarantee)

DIRECTORS’ REPORT FOR THE YEAR ENDED 31 AUGUST 2025

curriculum, pedagogy, and assessment in music education to support the delivery of music education in primary and secondary schools. Authored by renowned academics Dr Ally Daubney and Professor Martin Fautley, this free resource is tailored to support the planning and assessment of musical learning in the classroom. It incorporates the latest UK-wide developments in music education, including the post-Covid-19 landscape, the new National Plans for Music Education in England and Wales, and Scotland’s free music tuition policy.

The resource received enthusiastic feedback from music educators and has been widely downloaded and shared, with over 2,000 website views. The frameworks have informed multiple workshops on curriculum, pedagogy, and assessment at conferences in the UK and internationally. This includes events in Sussex, the West of England and Hounslow, as well as the ISAME conference in Germany and the EAS Conference in Portugal.

Webinars

A total of seven Trust webinars were delivered across the year attracting 215 live attendees and over 1,400 views overall.

Webinars included:

Feedback from attendees was very positive, with an average feedback score of 4.5/5.

Companion resources were produced for several of the webinars, including:

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INCORPORATED SOCIETY OF MUSICIANS TRUST

(A company limited by guarantee)

DIRECTORS’ REPORT FOR THE YEAR ENDED 31 AUGUST 2025

Resources

Following the success of the Trust’s latest digital resource Breaking the Singing Barrier (BTSB), the Trust continued to deliver sessions at conferences and events on barriers to singing in schools, including sessions at the Association of British Choral Directors conference in October 2024 and at the Music & Drama Education Expo in January 2025. BTSB was shortlisted for the Outstanding Music Education Resource at the 2025 Music & Drama Education Awards.

Financial Review

During the reporting period, total income decreased by 49.7% compared to the previous year, reaching £43.3k (2024: £86.1k), while expenditure fell by 13.2% to £48.7k (2024: £56.1k). This resulted in a deficit of £5.4k (2024: £29.9k surplus), which was smaller than the budgeted shortfall of £12.6k. The ISM Trust derives its income primarily from donations and legacies, supplemented by charitable activities and membership-related services.

Income

The Trust generated a total income of £43.3k during the reporting period, with the majority sourced from donations and legacies, which totalled £37.6k (2024: £77.2k), reflecting a 50% reduction in the ISM donation and lower contributions from other donors. Charitable activities income declined significantly to £1.0k (2024: £4.8k), largely due to reduced activity during the year. Membershiprelated income grew by 19.0% to £4.8k (2024: £4.0k).

The Trustees remain grateful for the continued support of donors and acknowledge the importance of these contributions in sustaining the Trust’s work.

Expenditure

Total expenditure for the year amounted to £48.7k. £44.2k of this related to charitable activities (2024: £54.8k). The largest decrease was in professional development, which fell by £10.3k (19.0%). Costs of raising funds increased to £4.5k, driven by ISM recharges for publications and staff time supporting membership services. Costs reduced in other areas of activities leading to an overall reduction in costs.

5

INCORPORATED SOCIETY OF MUSICIANS TRUST

(A company limited by guarantee)

DIRECTORS’ REPORT

FOR THE YEAR ENDED 31 AUGUST 2025

Reserves

The ISM Trust’s reserves policy ensures that normal operations can continue for up to four months in the event of an income shortfall. As of 31 August 2025, the Trust held £89.6k in unrestricted reserves (2024: £94.9k), equating to approximately 22 months of annual expenditure for 2024-25. While reserves have decreased by £5.4k (5.7%), they remain above the target range, providing a strong foundation to support planned activities in 2025-26.

Plans for the Future

The ISM Trust intends to continue to deliver great quality professional development for all those who work in music via a mixture of resources, webinars, and events. At the same time, the Trust will continue to seek to become financially more independent of the ISM although it is recognised how difficult to achieve in these financially challenging times. The Trust having reached its tenth anniversary has built up a solid reputation for the work which it does delivering valuable education across the music sector for free at a time when much professional development is costly. The Trust will continue to deliver most of its resources for free including its webinars since it believes access to all is a cornerstone of what it does.

Compliance

The ISM Trust is registered as a data controller in its own right at the Information Commissioner’s Office (ICO). All ISM staff working on Trust activities are bound by the provisions of the ISM Group Data Governance Policy introduced across all ISM Group companies in 2018 as part of our activities to ensure compliance with the General Data Protection Regulation (EU) 2016/679 (‘GDPR’) and the Data Protection Act 2018. The Trust was also registered with the Fundraising Regulator and in accordance with Charity Commission guidance further training in trustee duties and charity governance was provided to Trustees in 2020. New Trustees received guidance in relation to trustee duties and charity governance during the course of the year.

Statement of Directors’ responsibilities

The Directors (who are also Trustees of the charity for the purposes of the Charities Act 2011) are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.

6

INCORPORATED SOCIETY OF MUSICIANS TRUST

(A company limited by guarantee)

DIRECTORS’ REPORT FOR THE YEAR ENDED 31 AUGUST 2025

Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the surplus or deficit of the charity for that period. In preparing these financial statements, the Directors are required to:

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the charity’s transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.

This report was approved by the Directors of the ISM Trust on 12 February 2026 and signed on their behalf by:

Gabriella Swallow Deborah Annetts (Chair of the ISM Trust) (Chief Executive)

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INCORPORATED SOCIETY OF MUSICIANS TRUST

(A company limited by guarantee)

INDEPENDENT EXAMINERS’ REPORT TO THE TRUSTEES OF INCORPORATED SOCIETY OF MUSICIANS TRUST

I report to the trustees on my examination of the accounts of the Incorporated Society of Musicians Trust (‘the charitable company’) for the year ended 31 August 2025.

Responsibilities and basis of report

As the trustees of the charitable company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of the charitable company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charitable company’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent examiner’s statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

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INCORPORATED SOCIETY OF MUSICIANS TRUST

(A company limited by guarantee)

INDEPENDENT EXAMINERS’ REPORT TO THE TRUSTEES OF INCORPORATED SOCIETY OF MUSICIANS TRUST

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

James Mathieson FCA

Lindeyer Francis Ferguson Limited

North House, 198 High Street

Tonbridge

Kent TN9 1BE

Date: 24 February 2026

9

INCORPORATED SOCIETY OF MUSICIANS TRUST (ISM Trust)

(A company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (including income and expenditure account) FOR THE YEAR ENDED 31 AUGUST 2025

Notes
Income from:
Donations and legacies
Charitable activities
Other trading activities
Total income
2
Expenditure on:
Raising funds
Charitable activities
Total expenditure
3
Net (expenditure)/income and net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 2025
£
37,602
967
4,773
43,342
4,505
44,219
48,724
( 5,382)
94,947
89,565		 2024
£
77,237
4,805
4,011
86,053
1,300
54,833
56,133
29,920
65,027
94,947

There were no restricted funds in the current nor preceeding period.

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INCORPORATED SOCIETY OF MUSICIANS TRUST

(ISM Trust)

(A company limited by guarantee)

BALANCE SHEET AS AT 31 AUGUST 2025

Notes
£
Current assets
Debtors
5
250
Cash at bank and in hand
109,544
109,794
Creditors: amounts falling due within
one year
6
( 20,229)
Net current assets
Total net assets
Funds of the charity
Unrestricted funds		 2025
£
89,565
89,565
89,565		 £
193
101,578
101,771
( 6,824)		 2024
£
94,947
94,947
94,947

For the financial period ended 31 August 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors responsibilities:

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the trustees on 12 February 2026 and signed by:

Gabriella Swallow Deborah Annetts Chairman of the ISM Trust Chief Executive

Company registration number: 9296727

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INCORPORATED SOCIETY OF MUSICIANS TRUST (ISM Trust) (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

1 Accounting policies

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

1.1 Basis of preparation

The financial statements have been prepared in accordance with "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements are presented in pounds sterling and rounded to the nearest pound.

Incorporated Society of Musicians Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

1.2 Group reporting

The charity has taken advantage of the exemption under section 399 of the Companies Act 2006 and section 139 of the Charities Act 2011 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the charity as an individual entity and not about its group.

1.3 Status

The charity is a company limited by guarantee, incorporated in England and Wales. The address of the registered office is 4-5 Inverness Mews, London, W2 3JQ. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.

1.4 Income recognition

Income is recognised once the charity has entitlement to income, it is probable that the income will be received and the amount of the income receivable can be measured reliably. For donations this is usually on receipt. Professional development fee income is recognised in the period in which the services are performed.

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INCORPORATED SOCIETY OF MUSICIANS TRUST (ISM Trust) (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

1.4 Income recognition (continued)

For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Fund that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is a treated as a contingent asset and disclosed if material.

1.5 Resources expended

Expenditure is recognised when a present legal or constructive obligation exists at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefits will be required to settle the obligation, and the amount can be measured or estimated reliably. It is inclusive of any VAT which cannot be recovered.

Expenditure has been included under expense categories that aggregate all costs for allocation to activities. Support costs are those incurred in support of expenditure on the objects of the charity, and have been allocated between charitable activities and costs of raising funds on the basis of direct staff costs.

Grants payable are payments made to third parties in the furtherance of the charitable objectives of the Trust. The grants are accounted for where either the Trustee has agreed to pay the grant without condition and the recipient has a reasonable expectation that they will receive a grant, or any condition attaching to the grant is outside the control of the Trust.

1.6 Financial instruments

The charity has financial instruments of a kind that qualify as basic financial instruments. The charity's short term debtors and creditors are recognised at settlement value.

1.7 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

13

INCORPORATED SOCIETY OF MUSICIANS TRUST (ISM Trust) (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

2 Income

Donations and legacies:
Donations from Independent Society of Musicians
Legacy income
Other donations
Charitable activities
Professional development fees
Other trading activities
Membership subscriptions
Total income
Expenditure
2025
2025
Direct
costs
Support
costs
£
£
Raising funds
Membership services
1,835
2,670
Charitable activities
Professional development
9,865
34,354
Promotion of the arts
-
-
9,865
34,354
11,700
37,024		 Donations and legacies:
Donations from Independent Society of Musicians
Legacy income
Other donations
Charitable activities
Professional development fees
Other trading activities
Membership subscriptions
Total income
Expenditure
2025
2025
Direct
costs
Support
costs
£
£
Raising funds
Membership services
1,835
2,670
Charitable activities
Professional development
9,865
34,354
Promotion of the arts
-
-
9,865
34,354
11,700
37,024		 2025
£
37,500
-
102
37,602
967
4,773
43,342
2025

Total
costs
£
4,505
44,219
-
44,219
48,724		 2024
£
75,000
2,187
50
77,237
4,805
4,011
86,053
2024
Total
costs
£
1,300
54,568
265
9,865
34,354		 54,833
11,700
37,024		 56,133

3 Expenditure

14

INCORPORATED SOCIETY OF MUSICIANS TRUST (ISM Trust) (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

3
Expenditure (continued)
Direct costs
Wages and salaries
Employer's national insurance contributions
Employer's pension contributions
Professional development
Membership services
Seminars
Webinars
Advertising
Other
Support costs
Wages and salaries
Employer's national insurance contributions
Employer's pension contributions
Advertising
Management charges
Irrecoverable VAT
Administration
Governance:
Legal and professional fees
Independent examiner's fee		 2025
£
2,692
298
203
2,790
1,605
1,662
1,957
261
232
11,700
2025
£
20,178
2,634
4,080
365
6,069
1,047
29
227
2,395
37,024		 2024
£
13,017
1,460
976
8,588
1,199
700
5,019
1,488
116
32,563
2024
£
11,683
1,328
1,098
376
6,008
573
39
170
2,295
23,570

Management charges comprise costs recharged from the Independent Society of Musicians (ISM) for the use of premises, administration and other related expenditure.

15

INCORPORATED SOCIETY OF MUSICIANS TRUST (ISM Trust) (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

4 Staff costs

Wages and salaries relate to employment costs recharged from Independent Society of Musicians (ISM) for the time spent by their employees working on the activities of the ISM Trust.

No Trustee received remuneration or reimbursement of expenses during either year.

The key management of the charity includes Trustees, the Chief Executive, the Chief Financial Officer and Deputy CEO and the Head of Charity & Services of the ISM. The aggregate amount of employee benefits recharged from ISM in respect of key management was £21,248 (2024: £17,910).

5 Debtors

Debtors
Prepayments and accrued income 2025
£
250
250		 2024
£
193
193

6 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
Trade creditors
Amounts due to Independent Society of Musicians
Accruals and deferred income		 2025
£
60
15,782
4,387
20,229		 2024
£
-
1,782
5,042
6,824

7 Control

The parent company is Independent Society of Musicians, a company limited by guarantee and registered in England and Wales (registered number - 00036882), which is the charity's sole member. The Independent Society of Musicians is a professional body for musicians, and its principal purpose and activities are to promote the art of music and to protect and support the interests of musicians and the music profession.

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INCORPORATED SOCIETY OF MUSICIANS TRUST (ISM Trust) (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

8 Subsidiary undertaking

The ISM Trust is the sole corporate trustee of the Benevolent Fund of the Incorporated Society of Musicians (ISM Benevolent Fund, a charitable trust) and is deemed to have control. Its registered office is 4-5 Inverness Mews, London, W2 3JQ. The principle activity of the ISM Benevolent Fund is to provide relief and prevent poverty amongst ISM members and the dependents of deceased members.

The aggregate amount of reserves and the results for the last relevant financial year were as

Surplus for
Reserves at the year to
31 August 31 August
2025 2025
£ £
Benevolent Fund of the Incorporate Society of Musicians 5,256,080 226,936

9 Related party transactions

At the balance sheet date, the charity owed £15,782 (2024: £1,782) to the Independent Society of Musicians (ISM) in respect of expenses paid on behalf of the charity. Re-charged expenses totalled £36,154 (2024: £35,570), consisting of £6,069 (2024: £6,008) of management costs and £30,085 (2024: £29,562) for employment costs. During the year, the charity received £37,500 in donations from the ISM (2024: £75,000). The ISM is considered to be a related party as it is the charity's sole member, and it has directors in common with the charity.

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